tessaduncan
Recycles dryer sheets
- Joined
- May 31, 2012
- Messages
- 74
DH and I purchased a home with a cash offer. Due to recent market downturn and a personal emergency expense, we need an additional $100,000. I thought I could take that from my Roth and return the funds within the 60 day window - AFTER the new year. Closing date has now been moved up to Nov. 2 and we'll likely miss that window by just a few days. We could get a HELOC but we might not make that window either so we're looking for backup options. Can we take a distribution from my DH's Roth to replace mine and essentially reset that window, then replace the funds in his Roth with a traditional IRA distribution in January? I know you can only return funds once in 365 days but that applies to the individual, right?
All of our other money (other than for the house) is in retirement accounts so we can't take any distributions from those this year or we'll have tax/IRMAA issues. We have no other house and I was told Vanguard (where we have the bulk of our investments) does not do asset-based loans. Any ideas? Thanks in advance!
All of our other money (other than for the house) is in retirement accounts so we can't take any distributions from those this year or we'll have tax/IRMAA issues. We have no other house and I was told Vanguard (where we have the bulk of our investments) does not do asset-based loans. Any ideas? Thanks in advance!